Press Release
Anacomp Introduces InvoiceLogistix for Accelerated On-Demand Invoice Processing
New Service Allows Users to Automate Invoice Processing With Minimal Initial Investment and IT Involvement
SAN DIEGO, CA, APRIL 22, 2008
- Anacomp® Inc., a leading business process solutions company, today
announced the availability of InvoiceLogistix™, a new,
hosted invoice processing service offering users accurate,
accelerated invoice processing. The service is targeted to
accounts payable (A/P) professionals who desire a reliable
and cost-effective method of streamlining operations,
expediting payments, and improving financial information
quality. Anacomp is launching the new offering as part of
its exhibition at the International Accounts Payable
Professionals (IAPP) Annual Forum, taking place this week in
San Diego.
Designed for rapid deployment and production,
InvoiceLogistix dramatically reduces the amount of manual
labor typically required to process invoices. The service
leverages Anacomps robust docHarbor® business platform,
including high-volume document capture, scalable online
document repository and flexible business process management
(BPM) software-as-a-service (SaaS). InvoiceLogistix
transforms incoming paper invoices into digital images from
which invoice data is automatically extracted, validated,
delivered into the A/P workflow for approval and payment,
made available for easy access online and, ultimately,
archived. By accelerating invoice processing through
automation, users can decrease data-entry errors, better
manage cash flow, eliminate late payment penalties and take
advantage of or negotiate for early payment discounts.
Furthermore, by utilizing automated invoice processing on an
outsourced, on-demand basis, users can accelerate such
benefits with minimal initial investment and involvement of
their own IT resources.
Competitive companies today are willing to outsource
certain finance functions that are not core to their
business competencies, and as such they desire solutions
that are easy to use, scalable and flexible enough to meet
their specific needs, said John Turner, Anacomps Senior
Vice President and Chief Technology Officer. "InvoiceLogistix
meets such requirements by leveraging a proven, on-demand
platform and outsourced SaaS that helps users reduce the
costs, IT involvement and risks that come with implementing
and adopting new technology."
Numerous industry studies illustrate the increasing costs of
manually processing invoices. A recent IAPP survey placed
the average cost to process an invoice at nearly $8.00, and
concluded that as much as 70% of these costs were tied to
manual document handling and data entry processes. According
to the Institute of Management and Administration (IOMA),
invoice processing costs have risen 37% over the past few
years while A/P staffs have shrunk by 34%.
AP departments are being tasked with increasing workloads
in an environment where paper invoices remain the dominant
medium and the volumes of which continue to rise. Meanwhile,
the challenge remains to accurately extract the needed
information from those invoices, even down the line item
detail, added Turner. We have many customers already
scanning their invoices as part of their payment process,
and InvoiceLogistix allows users to take the next step to
automate and streamline the entire process for rapid,
accurate payment.
Key InvoiceLogistix functions offered include:
- Invoice reception, opening, sorting and preparation
- Imaging and data extraction
- Data matching and validation
- Content management, approval workflow and export
- Document storage 7.5 years included with the service
- Reporting and analysis
- Professional service, support and training
More information about InvoiceLogistix can be found at http://www.anacomp.com/solutions/invoicelogistix/
IAPP is dedicated to providing its members with the
necessary resources to succeed in the ever-changing accounts
payables environment. The groups 18th Annual Forum is being
held April 20th-24th at the Manchester Grand Hyatt. More
information can be found at
http://www.iappnet.org/
About Anacomp
With 40 years of experience and a passionate commitment
to client services, Anacomp partners with its customers to
help them realize the full potential of their business
processes at the lowest total cost of ownership. Possessing
one of the worlds largest document repositories as well as
a large, independent field services organization, Anacomp's
offerings serve hundreds of original equipment manufacturing
(OEM) partners and thousands of end users in insurance,
financial services, government, legal, and other markets.
Anacomp is headquartered in San Diego, with international
headquarters in Wokingham, UK. For more information, visit
www.anacomp.com or call (800) 364-9870.
For More Information:
Rob Jensen
Senior Director of Marketing
Anacomp, Inc.
(858) 716-3549
rob.jensen@anacomp.com
InvoiceLogistix is a trademark and Anacomp and docHarbor are registered trademarks of Anacomp, Inc. All other trademarks or registered trademarks are the property of their respective owners
